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Restrictions on foreign ownership to ease further

China moved closer to opening its key industries to overseas investors after the top economic planning agency floated a plan to ease restrictions on foreign ownership in sectors like steel and oil refining. The National Development and Reform Commission invited public opinion on foreign investment guidelines on Tuesday. The policy draft no longer limits foreign investment in industries identified as having overcapacity such as steel, oil refining and ethylene production, according to the official Xinhua News Agency. Relaxing the rules would follow moves by the government this year to open up State-owned enterprises to private capital. It may also mean the country, the world's biggest steel market and the No. 2 oil buyer, is closer to ending the nine-year-old ban on foreign takeovers of steelmakers.

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